Net profit fell 42%, to $939m (£607m), from $1.63bn for the same
three-month period a year ago, the bank's second consecutive quarterly
drop.
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| morgan |
Net sales fell 13% to $7.77bn, missing analyst estimates of $8.5bn
Rivals Goldman Sachs, Citigroup, Bank of America and JPMorgan Chase have all reported dips in trading revenue.
Stocks and shares sales and trading was almost unchanged from a year ago, at $1.87bn
The shares were down 4.9% in premarket trading.
"The
volatility in global markets in the third-quarter led to a difficult
environment, impacting in particular our fixed income business and our
Asia merchant banking business," Chief Executive James Gorman said in a
statement.
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